Westerly Capital Management LLC Acquires Shares of 58,000 Okta, Inc. (NASDAQ:OKTA)

Westerly Capital Management LLC bought a new position in Okta, Inc. (NASDAQ:OKTA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 58,000 shares of the company’s stock, valued at approximately $4,570,000. Okta makes up about 2.1% of Westerly Capital Management LLC’s portfolio, making the stock its 19th biggest position.

Other institutional investors have also made changes to their positions in the company. Bank of Jackson Hole Trust acquired a new position in Okta in the fourth quarter worth $25,000. TD Private Client Wealth LLC boosted its holdings in shares of Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after buying an additional 456 shares during the period. Brown Brothers Harriman & Co. acquired a new position in shares of Okta in the 4th quarter valued at about $43,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Okta during the 4th quarter valued at about $44,000. Finally, Modus Advisors LLC acquired a new position in Okta in the fourth quarter valued at approximately $44,000. 86.64% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of the company’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the sale, the executive now directly owns 19,067 shares in the company, valued at $1,929,389.73. This represents a 26.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total value of $267,396.60. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 227,192 shares of company stock worth $23,426,056. 7.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Barclays raised their price target on Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. UBS Group set a $135.00 price objective on shares of Okta in a report on Tuesday, March 4th. Robert W. Baird boosted their target price on shares of Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Truist Financial raised their price target on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Finally, Canaccord Genuity Group lifted their price target on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.12.

Okta Stock Up 7.4 %

NASDAQ OKTA opened at $112.54 on Wednesday. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $118.07. The stock has a market cap of $19.54 billion, a PE ratio of -321.54, a PEG ratio of 6.42 and a beta of 1.07. The firm has a 50-day simple moving average of $102.92 and a 200 day simple moving average of $89.93. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.